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>> and this is varney and company and good morning. 10:00 eastern. not that much price, >> the nasdaq is down. we don't see much action, the 10 year treasury yield is moving up this morning, a few days ago they were at 333. oil is $69 a barrel, bitcoin, $28,000 per coin. at the markets in advance of the fed's decision.

a banking crisis and high inflation at the same time. jay powell has to deal with this, at 2:00 eastern this afternoon. i'm not going to guess what he has to do. i'm more interested in why we are in this mess. that might give us an idea what to avoid in the future. spending money and printing money. that is what got us into this. president biden moved into the white house in january of 20 one, never stopped spending since. when inflation started to pick up in summer of 20 when it was transitory. he kept spending. he met with jay powell and appointed him to a second term at the federal reserve. inflation hit 9%. biden laughably brought in the inflation reduction act which is another excuse to spend more money. to fight this inflation the federal reserve pushed interest

rates straight up and that produced the current banking crisis. here we are in crisis mode. the president has learned nothing and egged on by the left who still runs the democrat party, spending by the trillion, that is what democrats do. you might call a vote buying a. jay powell locked into interest rate hikes to beat inflation he helped create. we have to wait for a change in policy. elections have consequences and we are living with the consequence of electing a reappointment of a fed chair who printed too much for too long. second hour of varney just getting started. lose peak joins us of this morning, she wrote this. economy in the tank, banks are reeling, inflation sky high and there is more biden isn't

telling you. what is the president not telling us? >> one of the things is the regulators and the supervisors knew what was going on, people are not admitting this, talking to svp management a year ago and in the fall, sat down with ceo and said you had a serious deficiency, a run on the bank, that was the conversation, the truth is all this gas lighting about how elizabeth warren, not enough rules and regulations, plenty of rules and regulations and supervisors took their eye off the ball because the ceo was on the board with the supervisory agent. he sat on the board, that board was the group that was overseeing as pb.

all the talk about how it was awoke blank, donations coming from silicon valley, it was one big happy valley out there and nobody had the guts to do anything about this bank, the result of which is the entire country is on edge waiting for the shoe to fall. but i want to get to your commentary. it is important that voters know this is not an act of god, that we are putting, slamming on the brakes with higher interest rates. one of the most exaggerated rate hikes in history to slow the economy down which will put people out of work. it is happening in some sectors. this happened because of what you talked about, president biden and democrats deciding in a recovering economy they need to spend $2 trillion to pay off what got them in office, teachers unions and other

special interest groups and it goes on even now, young people don't like president biden, they want to spend half a trillion dollars more to pay off student debts to get them their too. i am angry, everybody should be, this did not have to happen. stuart: remember modern monetary theory? >> like there's no connection between spending, deficits, and making the country weaker economically, and what happens is ridiculous. stuart: they believe you can spend what you like and print what you like and there's no impact. president biden, this clown car running our economy are to blame and voters need to remember that. president biden talks about the economy was in tatters when we got here, that is a lie and janet yellen told congress the same thing the other day. it was not true. i will stop renting.

stuart: next case. sheila blair was chair of the fcic, what she is saying now about svp? lauren: they shouldn't have been bailed out, the government should not have guaranteed all the deposits, called that an overreaction. here that is. >> quite safe and stable, the banking system is very safe and the main thing we have to fear is fear itself, making people, incentivizing people to make irrational withdrawals when it is not necessary. lauren: she's against increasing deposit insurance, 250,000, that encourages risk. bankers can invest however they could, responsible for the

money you have with them. are you are doing is making a rich bank richer because you're letting them be more risky. stuart: moral hazard, thanks very much. back to the markets. we are waiting for the fed's decision this afternoon. david, you are saying, new lows for the market are just around the corner, in the immediate future. why are you saying that? >> financial crises and recessions are two separate things, in 2,008 they happened at the same time and we are seeing that begin right now. i think it would be a mistake to think we are out of the woods on this banking crisis because when we look at lehman, bear stearns, the failure of fannie and freddie in 2,008-9,

that developed over one year. we are in the first month of watching this unfold and record amounts of stimulus and cash. if you ask me i don't see a bright rosy picture. what i believe this is going to be called is the federal reserve bubble. they hiked interest rates up so fast after printing 80% more money since 2,020. we are sitting here, tons of cash which caused every ipo to occur, every venture-capital propped up the stock market and ultimately the real estate market. we have bubbles in all these areas, with the debt ceiling debate and the political gridlock. stuart: commentators said the fed does raise rates by 25 basis points as expected, you could see a sharp rally. maybe 5% in the last couple days.

or twiddling your thumbs saying that's not going to happen. >> i don't know. i hope the market goes up forever. if it of fed paused it could have a rally, that hurts the situation. if we see interest rates go up, we are at a point of do or die, the make or break moment. how the fed responds, that is what the world is paying attention to but they are telling us what they are going to be doing at hyping this at the recession today. stuart: you and i have been in sync suggesting we go to short-term treasuries to safety and security. are we still they are? >> yes. i want to caution people about going into bonds because the bond market is three times larger than the stock market. if we see major challenges, interest rates rose and the value of their bonds had major

losses, didn't have to mark to the market and show their numbers. be very concerned, cash sounds great and there are alternative options to bonds with fixed index annuities, never a better time to own them. they make the majority of the game, market goes down. stuart: that sounds interesting. thanks very much. see you again soon. senator ted cruz wants to stop the fed from moving forward with the central bank digital currency. lauren: they are introducing a bill to block the fed from moving forward. export the idea of cbtc because it would be centralized. the more sinister repercussion of that could be the government surveilling you, monitoring how you spend your money, tracking it, lobbing it. say you go to a gun store.

doesn't matter, philip the gas tank, they have records of all of this if you are using a centralized digital currency and that makes you feel uncomfortable. stuart: is a paper trail all over the place. thank you. let's -- what have we -- know, the movers. i almost left you out. boeing is down. lauren: the cfo said they will take additional charges on their tanker problem because of a quality issue with the part. that means their margins are going to be negative. stuart: where are we with version orbit holdings? they were down a few days ago. lauren: a big percentage on 66% stock. richard branson's space company, there's a report, dc

investors giving them $200 million, a lifeline. the company is bringing employees back to build some rockets and make changes, everybody was furloughed and they had the failed rocket launch in january and they have to right the ship. stuart: krispy kreme. lauren: they are up 9% and worth $20, they have a partnership with mcdonald's and some mcdonald's, none here as far as i can tell. they see a big chunk. stuart: we should invite them on as guests. lauren: i got that yesterday. stuart: the ceo of moderna is testifying on capitol hill the company plans to quadruple the price of its covid vaccine. we will bring you the latest on the hearing. house republicans released a

new report on the infamous memo that labeled parents domestic terrorists. julian turner will break that down. what is in the memo? in california, forced to adopt a new homeless voucher program that gives homeless people access to hotels. it did not work well. we will speak to the mayor next. ♪ ♪ ♪ you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. ♪ ♪ luxury exemplified. innovation electrified.

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decision this afternoon hardly moving at all. in california, the state forced to adopt a new homeless voucher program. that is what they forced on the city. the mayor is bill wells who joins me now. big picture here, how did the program go, your honor? >> we knew it would be a problem from the start. our small city which represents 3% of the county, and they pushed back on us and had to abandon the fight on that, several bad things, they got placed into this program. they came and got one of our

hotels and brought some underage girls in and sexually assaulted them. migrants in new york city, there's master stories about trashing the hotels homeless people living in your hotels in the city, what did they do to the hotels? >> they totally destroyed the hotels, long-term property values and the ability for the industry to thrive in the city. these hotels are the lower end of the spectrum as far as economics go, and the permit process to push back on that. under housing and urban development. stuart: you are close to the border, do you deal with illegal migrants and the homeless? >> we have a drop off station,

under siege from the federal government and san diego. stuart: does money solve this probe part -- this problem? $1 billion, can you solve the problem? >> yes. you can solve the problem. i say that as a doctor of psychology. the main problem, the cause of this is lack of money and housing. it is not. it is addiction, mental illness, criminality. we have to deal with that, which means offering treatment, some form of incarceration, state hospital or jail. stuart: that is draconian and very expensive. stuart: doesn't make it popular but it is the truth. stuart: there is no way out of this. >> not without spending a lot of money. california spent $7 billion in the last few years, all building housing which gets

trashed and continues, drugs and violence. stuart: you've got to deal with it. thanks for being on the show, it's very important that people know what is happening in america. thank you, appreciate it. car theft has spiked in big cities. 23 state attorneys general are telling automakers, make your cars harder to steal. tell me more. lauren: those two dozen attorneys general are telling the carmakers to better equip their vehicles so they can't be hardwired. in a letter to kia and hyundai, the decision is not to install antitheft mobilizes as standard equipment of certain vehicles because ongoing consumer harm and undermined public safety. the carmakers are responsible

for their cars being stolen and not the thieves who are stealing them. stuart: doesn't do anything about the car jacking. you pull up to a traffic light and your cars taken. lauren: thieves have the opportunity to come up to the car. stuart: good stuff. next case. the cdc says a deadly fungus is spreading across america. medical facilities at an alarming rate. we will tell you what you need to know about this drug-resistant form. the white house insists president biden is not being secretive on the origins of covid. >> does the white house hope the lab leak theory is not true? >> we don't have a hope one way or the other. what we want is the ground truth. wherever the science takes you. wherever the fact take you. a one we are about to get intel

on how the pandemic started. will china finally be held accountable? congressman dusty johnson is on house select china committee and he joins me next. ♪

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that's why it's gotta be a cfp®. find your cfp® professional at letsmakeaplan.org. stuart: on the markets this morning, not much price movement, until we know what the fed is going to do this morning, what jay powell actually says. for the start of the year, nvidia. lauren: a graphic chips company, a further demand for ai, wall street turned bullish, he remains king on ai. a huge again. it is up 79%. blue when we are not rec meant

to get but it has been recommended on this show countless times and i missed it. did you? lauren: possibly. stuart: people want me to retire and get a winnebago. lauren: everyone was buying rvs including winnebago's, their earnings looked better-than-expected, i know you don't like those words. stuart: it is up 4%. guess we will take it. lauren: a disappointing outlook, stock is down 12.5%. maybe we are starting terrain and spending on pet food and pet health care. stuart: thank you very much. peter doocy pressed john kirby on the origins of covid. >> does the white house hope the lab leak theory is not true?

>> we don't have a hope one way or the other. what we want to the ground truth wherever that takes us, wherever the science takes you president biden wants to know so that he can work with the scientific community. stuart: congressman dusty johnson, you are on the house select china committee. the covid intel is going to be revealed. this should help us get to the bottom of it. >> we need to get to the bottom of this. this is why republican leadership matters. last week, the president signed a bill that would declassify all the information the government has related to the wuhan institute of virology. we would not have put this bill on the president's desk if we did not have a public and house. we've got to get to the bottom of this. stuart: there are signs that the virus came from animals. i've seen those reports in reputable journals. you discount that?

>> i do not discount that. some of the findings have been mixed. the department of energy says they think it's from a lab leak but they have low confidence in their findings. other analysis suggests it is a zoonotic disease that jumped from animals to humans. we don't know. what we do know is whoever lit the fire, the chinese communist party did a terrible job containing it and lied to the rest of the world about the existence of the fire. we need to figure out what the origins are but we need to do a better job holding china, the chinese communist party accountable for these terrible mistakes. stuart: they were made by the chinese commonest party but how would you hold them accountable. stuart: that's one thing the select community will be talking about. sanctions is one tool that is

available, there were low reward tools. the economy of the chinese commonest party, i don't care if americans are buying cheap t-shirts from china or if we are selling them a lot of soybeans. the fact there are lifesaving pharmaceuticals we are only getting from china is a huge problem and part of the accountability measure, we are not going to be beholden to their coercive economic power any longer. stuart: they lied to people about the original breakout of covid. they delayed travel to europe in particular. do you think this was deliberate or just incompetent? >> it is largely incompetence but that is why we have to dive in. there's the culture of the

chinese communist party that they want to repress the truth, don't want that information to get out. we did it as a politician, all kinds of times the free press irritates me but the free press is the way information gets to the public that politicians don't want the public to have. the chinese communist party does not allow that information to flow. that culture of repression and oppression that caused a million americans to die. stuart: don't be too hard on your self. you are doing well. dusty johnson, republican, always appreciate it. the chief executive of moderna is testifying on capitol hill, this is the price of vaccines. lauren: they want to increase the price $130 per dose starting in may, public health emergency for covid ends and will move to the commercial market.

that's too much money for senator bernie sanders and the ceo will have to explain himself before the senate committee bernie sanders says. there's not much the two have in common. bernie sanders hates profits and moderna made $8 billion last year. he hates big paychecks and total comp was $20 million. pfizer plans to charge the same for its covid shot when it moves to the commercial market. stuart: i wonder if senator sanders has any idea how you produce groundbreaking new drugs if you don't make a profit to supply the capital to make the new drugs? lauren: they got this government money to enable from to get this for the american people and they are profiting too much from it and doesn't like the cost they are going to charge. stuart: any profit is too much. lauren: did i not say he hates

that paycheck and he hates profits. stuart: i am backing it up, pulling it out. a drug-resistant fungus spreading across the country at an alarming way rate. charles watson is with me. what do we know about this fungus? >> this fungus is a potentially deadly organism the cdc says is spreading across the country at a steady pace, and at least 25 us states. it doesn't necessarily pose a risk for healthy individuals but is a growing problem in medical facilities where it often targets individuals under long-term care. been mississippi, the state

department of health, popped up at long-term care facilities that may be linked to four deaths since november. what is more concerning according to health experts is the type of fungus may not respond to traditional antifungal drugs to treat infections. and the numbers are way up according to cdc data, clinical and screening cases have risen every year since the fungus was first discovered in the us seven years ago. last year, confirmed infections tripled to be 2300 cases compared to 820 partly due to poor infection prevention, medical tourism, that can survive on surfaces and it spread from person to person so

it is tenacious and hard for medical professionals to spot. stuart: a scary story but you got it right. 420,000 students in the school district are out of class for another day. staffers dancing, striking for better pay. leo terrell fired up about it as he usually is. tiktok influencers heading to washington, they want to convince lawmakers not to ban the apps in america. the ceo of tiktok goes on the offensive after his house testimony tomorrow. grady trimble has the story next. ♪

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stuart: dramatic -- tiktok is up there today. this is ahead of the ceo's testimony tomorrow. lauren: deep fakes, they use artificial intelligence to make someone look like a real person. if you're doing a deep fake a young person, that will be banned. you can make a deep fake of a public figure but you have to identify it as fictitious. you can say i can spot a deep fake, it's getting hard as the technology is really good. you cannot only make the person look like someone else but sound like someone else and this is a big problem. the ceo testifying tomorrow facing the wrath of those who want to ban tiktok and a former trump official, says tiktok is disguised but it is cocaine that hooked up 150 million americans, and that's the key

word, tiktok is preying on children and spying on americans. he you can't pull it from, it seems like there' s bipartisan agreement to do something. stuart: a lot of parents want it to be banned. lauren: i ask your producer who's not a child i want to ban it so i can get my life back. stuart: we just got the tiktok ceo's written testimony had of tomorrow's hearing. grady trimble has been through it. what is he going to say tomorrow? >> reporter: tiktok's ceo will try to convince lawmakers that the apps is not a threat to national security because of its chinese ownership. this is what he will tell the house, energy, and commerce committee, tiktok is never shared a received a request to share us data with the chinese

government, nor would tiktok on are such a request if one remade. it is not controlled by any government or state entity, 2 dozen tiktok influencers on the hill, hosted by jamaal bowman, want to influence lawmakers that tiktok is their livelihood and a ban would take and a man would take away freedom of expression. some lawmakers as lauren noted, republicans and democrats say national security trumps any of for that. several lawmakers proposing bills that would ban the apps or give president biden the authority to ban it, peter teal to discuss the threat of china broadly and specifically tiktok. we spoke to one of those investors ahead of the event. >> his weapon up influencers to showcase that is beside the

point. the point is it's a backdoor in your living room, and the living rooms of americans. >> reporter: the stage is set, tomorrow on the hill, the survival of the company. stuart: see you again soon. is green this morning, inching up. most people think we will raise rates 25 basis points. they think the market can take it. house republicans released a report on merrick garland's memo that labeled parents domestic terrorists. julian turner with us. what did the investigation find? >> reporter: we will find out even more than we know this our. republicans hold a hearing to

consider the parents bill of rights act the names to give parents more rights in their children's classrooms. the interim report they released indicated they plan to go all in on attacking the biden administration. >> could be a hot button issue if democrats continue to jam policies like this down americans throats. >> reporter: in that report republicans accuse the biden administration of colluding with the national school board association to use law enforcement and counterterrorism resources against disgruntled parents. back in 2021. the chickens are coming home to roost. >> we said we would address it, parents out to have a say in their kids education and brought forward what is hr 5, and finally vote on by the end of this week. >> merrick garland outlined

alleged threats of violence against go board members, school policies erupting in multiple states that year. >> branded parents with the scarlet letter and called them terrorists. we cannot have education bureaucracy call parents who care about their children are involved in their children's education. >> reporter: democrats proposed a countermeasure to the gop bill, similarly called the bill of rights for students and parents, sponsored by suzanne bonamici of oregon who wants to unite parents and educators rather than pit them against each other. stuart: miami beach voted against setting a curfew for spring breakers this weekend despite two deadly shootings. last weekend, calling this bad

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stuart: presidential candidate vivek ramaswami challenging every republican candidate to join him in committing to a totally coupling from china. he joins me now. if you do that total decoupling and there's a huge price to be paid by us. are you prepared to go that far? >> we live in a moment where we decide not chamberlain but more churchill. if we think on the timescales of history we actually win. what is happening is china is deputizing us companies to advance their geopolitical agendas.

they use the appearance of global capitalism. if they're willing to make a sacrifice, that's when we may make one. china is in a week position. xi jinping did a lot of damage to china to hold on to power for his unprecedented third term. this creates an opportunity, to say we ban us businesses until the ccp reforms itself, we will see china reform its behaviors and we need to seize that opportunity with courage, not fear. stuart: that is a huge gamble. >> everything is a gamble. if you said five decades ago we would get to a place that china was in a codependent mutual relationship of near equality with the united states, china would say that the best case

scenario and they said it was laughable but if we are where we are, that was a gamble we lost, this is a risk i'm willing to take but this moment demands courage to deliver what america needs. stuart: it is a tough line. president biden issued his first veto. you wants to keep private pension money flowing into woke companies. this is about government control of pension money. you want to get rid of esg, don't you? >> this is about something deeper than that. it is about deception. the biden rule that the department of labor proposed last summer, the draft rule said they would have to disclose it to retirees to say they were using environmental or social factors. by late last year when the rule got finalized they dropped the this closure requirement and said it would have a chilling effect on the use of esg

factors. if you tell people you are using environmental and social factors to invest their money people don't want you to use those factors but to make as much money with their retirement accounts. what biden did is veto a bipartisan effort including democrats that said that rule should be rescinded. biden vetoed it so it's the law of the land the retirement fund managers use these 1-sided environmental, social, cultural agendas to inform how they invest your money for capitalism and democracy, a loss for america. stuart: vivek ramaswami campaigning hard and campaigning on principle. hope you join us again real soon. governor desantis starting to see support slip if he were to run in 2,024. lauren: up all shows donald trump has a 54% support and ron desantis has 26%, gap of 28

points. this poll was taken between st. patrick's day and sunday the 19th. it was saturday morning, the eighteenth, at 7:00 a.m. when trump got on social media and said he expected to be indicted. it was taken snack in the middle of him fundraising on this political story. and the drama that surrounded it. i'm interested to see a fresh poll. stuart: still had the mayor of miami, francis suarez, leo terrell, mark tepper on the show coming up. everyone who has appeared on this program says artificial intelligence is the next really big thing. however, if bad actors get their hands on it, it could be dreadful too. that is "my take" and it is next. ♪ ♪

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>> there's no justice for donald trump. it's all about revenge for